A total of 1.57 million mortgages secured by residential property (one to four units) were originated in the first quarter, according to new data from ATTOM. This marked a 13% decline from the previous quarter, but it was also a 5% year-over-year increase.
The total loan volume during the first quarter was $577.7 billion, down 12% quarterly and up 15% year-over-year. Purchase loan activity dropped by 19% from the previous quarter to 581,261, marking the lowest quarterly total since the first quarter of 2014.
Refinancing activity fell 7% quarter-over-quarter to 715,818 loans, although volumes were also 24% above the first quarter of 2025. Refinance originations accounted for 45.6% of all residential loans, compared to 42.7% in the previous quarter.
HELOC lending totaled 272,156 loans originated during the quarter, down 12% from the prior quarter but up 4% year-over-year. HELOCs represented 17.3% of all residential lending activity, the same rate as the previous quarter.
“Purchase, refinancing and home equity lending all posted declines from the previous quarter, continuing a seasonal trend we’ve seen during the start of the year over the past four years,” said Rob Barber, CEO of ATTOM. “However, purchase activity stood out with home-buying loans falling to a 12-year low, as elevated home prices and higher mortgage rates continued to strain affordability for many buyers.”
Separately, the Mortgage Bankers Association (MBA) reported a decline in homebuyer affordability during April as the national median payment applied for by purchase applicants increasing to $2,152 from $2,131 in March. Compared to April 2025, the payment dropped by $35 or 1.6%.
The national median mortgage payment for FHA loan applicants was $1,829 in April, up from $1,812 in March and down from $1,895 in April 2025.
Edward Seiler, MBA’s associate vice president of housing economics and executive director of the Research Institute for Housing America, observed, “Looking ahead, continued income gains and some stabilization in mortgage rates could help support better affordability conditions.”
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